UK broker Bollington has axed its relationship with unrated insurer Gefion – which entered an £80mn ($104mn) capacity deal with its MGA, Anjuna Underwriting, in 2017 – weeks after the Danish regulator raised fresh concerns over the carrier’s solvency levels.
Insured property losses from Winter Storm Ciara, also known as Sabine, will fall between Eur1.1bn and Eur1.8bn ($1.2-$1.95bn), according to respected catastrophe risk modelling firm RMS, whose estimate closely aligns to that issued previously by competitor AIR Worldwide.
Catastrophe risk modelling firm AIR Worldwide has pegged insured losses due to wind from Winter Storm Ciara-Sabine at between Eur1.1bn and Eur 1.9bn ($1.2bn-$2.1bn).
Axa’s sale of its Central and Eastern Europe operations is a strong signal of intent that management will not tolerate inadequate return on equity (RoE) without a plan to improve margins in a reasonable timeframe.
Europe’s fifth largest insurance company Zurich said 2019 business operating profits climbed 16 percent with CEO Mario Greco praising the company’s “amazing journey” as it met its 2016-2019 financial targets.
Axa’s sale of its Central and Eastern Europe operations is in line with a strategy that is moving it closer that of global multiline insurer peers.
Madrid-headquartered (re)insurer Mapfre saw its group net profit climb 15.2 percent in 2019 to beat analysts’ expectations despite deteriorating results in its core reinsurance and special risks division.
A 6.8 magnitude earthquake that shook the Elzaiğ and Malatya regions of Turkey last month could result in a maximum claims payout of 25.44bn Turkish lira ($4.25bn), if the full limit loss on 106,000 insured properties is reached.
Aon’s CEO of M&A and transaction solutions for EMEA, Alistair Lester, has made a clutch of high-level appointments to its EMEA M&A and transaction solutions practice as the broker seeks to capitalise on the booming transactional liability market.
Axa has entered advanced talks to offload its central and eastern European units to Austria’s Uniqa Insurance Group, after rumours of a sale began circulating back in October.
European insurers are unlikely to be disrupted during the 11-month transition period as the UK leaves the trading bloc, although continental carriers with the highest UK exposure could see their underwriting profit dented come year end.
The Financial Conduct Authority has sort to remind European firms that they have until the end of today (30 January) to apply for use of the temporary permissions regime (TPR) which will come into force if the UK and EU fail to sign a trade agreement by 31 December 2020.
European and London Market (re)insurance stocks rebounded on Tuesday after global equity markets slid earlier in the week under pressure from the rising death toll in China from a rapidly spreading virus denting investor confidence.
The Danish Financial Supervisory Authority (DFSA) has ordered the unrated carrier Gefion to unwind the effect of a reinsurance contract from its 2018 accounts which sees its solvency ratio slump yet again, this time from 72 percent to a mere 49 percent.
CCR Re, the open market reinsurance arm of French state-backed CCR, has named Bertrand Petras vice president of life and pensions, covering the Middle East and North Africa (MENA) region.
Swiss Re Corporate Solutions has appointed Bianca Willauer head of property and specialty lines for EMEA, in its latest hire from rival Allianz Global Corporate & Specialty (AGCS).
UK insurance intermediary Saga said this morning that the 2019 failure of tour operator Thomas Cook will result in £4mn ($5.2mn) of “one-off costs”.
US (re)insurance stocks followed their European counterparts in trading down on Monday, continuing a slide witnessed across global equity markets last week as concerns rise about the spread of coronavirus and the disease’s potential impact on the world’s economy.
Goldman Sachs-backed broker Aston Lark has acquired Isca Barum Insurance Brokers in its first deal of 2020.
Expansive Swiss insurer Helvetia has begun the year with another acquisition in the form of Spanish Caser, signaling its intent to expand further into Europe.